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Caribbean & Central America - September 2013 (ISSN 1741-4458)

ECONOMIC OVERVIEW: PANAMA

Global competitiveness index: On 4 September the Geneva-based World Economic Forum (WEF) released its 2013-2014 Global Competitiveness Report which showed that “after three years of sharp rises in the competitiveness rankings, Panama consolidates its position at 40th place as the most competitive economy in Central America, and second in Latin America, behind Chile”. The report notes that Panama has been “relentlessly improving its infrastructure (7th), with one of the best port (6th) and airport (5th) networks, closely aligning with its overall economic development strategy of becoming a major transport hub for the region. Its financial market (16th) and an assessment of its technological adoption (11th) are also persistently improving, especially via foreign multinational corporations setting up operations in the country”. The report also highlights that Panama has made progress “in addressing some of its most pressing challenges, notably in terms of improving the quality of education, where it has moved to 75th place from 112th last year”.

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